Iraq confirms its support for OPEC Plus decisions to achieve balance in the global market

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Iraq confirms its support for OPEC Plus decisions to achieve balance in the global market

The Ministry of Oil has confirmed today, Friday, that the government is considering the fluctuations in the oil market, particularly the price changes within the OPEC Plus group. This is being done to minimize risks and ensure a good level of revenue for the federal treasury.

The Iraqi government is aware of the changes in the global oil market and their impact on the financial revenues generated from exporting or marketing Iraqi oil abroad, according to Ministry spokesman Assem Jihad.

He said, “The government has considered the impact of recent changes, both positive and negative, particularly the challenges posed by fluctuating oil prices in the global market. These fluctuations are not new, and the oil market has been dealing with them for decades.”

Thanks to the OPEC Plus agreement to reduce production, member states, including Iraq, aimed to achieve stability in the global oil market by balancing supply and demand.

He said, “Considering this, the government has established a margin for fluctuations in the oil market and anticipated earnings. The objective of the government and the Ministry of Oil is to minimize the risks associated with market fluctuations, and the government is making concerted efforts, in collaboration with the OPEC Plus group, to attain the required equilibrium and stability in the worldwide oil market to generate a significant level of revenue for the federal treasury.”